Microstructure and misfit dislocation behavior in InxGa1-xAs/InP heteroepitaxial materials grown by low pressure metal organic chemical vapor deposition (LP-MOCVD) were analyzed by high resolution transmission electron microscopy (HRTEM), scanning electron microscopy (SEM), atomic force microscopy (AFM), Raman spectroscopy and Hall effect measurements. To optimize the structure of In_0.82Ga_0.18As/InP heterostructure, the In_xGa_1-xAs buffer layer was grown. The residual strain of the In_0.82Ga_0.18As epitaxial layer was calculated. Further, the periodic growth pattern of the misfit dislocation at the interface was discovered and verified. Then the effects of misfit dislocation on the surface morphology and microstructure of the material were studied. It is found that the misfit dislocation of high indium (In) content In_0.82Ga_0.18As epitaxial layer has significant influence on the carrier concentration.